This research analyzes the global trends in the material test equipment market across different industries. This is a mature market and material test equipment finds use in verticals such as automotive, aerospace, metals and plastics. The Covid-19 pandemic had a considerable impact on the CAPEX spending of customers both in the automotive and aerospace industries, globally. The study provides an outlook on when the market is likely to revive and assess the next 5 years.
The market has been segmented by product type and region. With businesses impacted considerably due to supply chain disruption and reduced demand globally, 2020 witnessed a considerable decline in the demand for material test equipment products. Despite several countries beginning to relax restrictions, it is unlikely that demand will return to the pre-Covid-19 levels in 2021.